Today, the market is focused on the Federal Reserve's May interest rate meeting. As expected, the Federal Reserve kept the current interest rate level unchanged at 4.25%-4.50%. However, the policy statement contains hidden meanings.

In terms of policy stance, although the Federal Reserve continues to be "data-dependent," the wording reveals a hawkish tendency, showing particular vigilance towards persistent inflation.

In response to the latest tariff policy, the Federal Reserve unusually made a clear statement, warning that it could trigger the risk of "inflation-unemployment" dual rise, a straightforward expression that has been quite rare in recent years' monetary policy communications.

Regarding the market's concerns about balance sheet reduction and interest rate cuts, this meeting still adopted a "vague guidance" approach.

However, it is worth noting that the meeting clearly pointed to June's dot plot as the observation node for a policy shift, setting a definite timeline for market expectation management.